💎 MTL's current market status has been a point of focus, especially as it confronts the resistance trendline of the Falling Wedge pattern. MTL needs to achieve a breakout from this pattern to pursue an upward trajectory.
💎 A successful breakout would likely lead to substantial upward momentum, given that the Falling Wedge is recognized as a bullish pattern, probability steering MTL towards our identified strong resistance area.
💎 However, should MTL face a rejection upon attempting to break out of the resistance, it might revert to the demand area at 1.52, to regather momentum for another breakout attempt.
💎 If MTL returns to the 1.52 demand area but fails to exhibit a strong response, merely consolidating at that level, there's a possibility of breaking below this demand area, potentially moving towards the next demand zone around 1.4.
💎 This 1.4 demand zone is pivotal, historically serving as a strong support level for MTL, typically leading to a recovery in its trajectory. Nonetheless, if MTL is unable to maintain this zone, it could signal a shift to a bearish trend, with further declines possibly in store.
💎 A successful breakout would likely lead to substantial upward momentum, given that the Falling Wedge is recognized as a bullish pattern, probability steering MTL towards our identified strong resistance area.
💎 However, should MTL face a rejection upon attempting to break out of the resistance, it might revert to the demand area at 1.52, to regather momentum for another breakout attempt.
💎 If MTL returns to the 1.52 demand area but fails to exhibit a strong response, merely consolidating at that level, there's a possibility of breaking below this demand area, potentially moving towards the next demand zone around 1.4.
💎 This 1.4 demand zone is pivotal, historically serving as a strong support level for MTL, typically leading to a recovery in its trajectory. Nonetheless, if MTL is unable to maintain this zone, it could signal a shift to a bearish trend, with further declines possibly in store.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Want to trade like a PRO without the 15+ year learning curve?
🫳Steal the edge - follow seasoned team of traders at mycryptoparadise.com (FREE)
✅🎖️Or go full throttle with PRO strategy + killer entry/exit signals - t.me/MCPsupportbot
🫳Steal the edge - follow seasoned team of traders at mycryptoparadise.com (FREE)
✅🎖️Or go full throttle with PRO strategy + killer entry/exit signals - t.me/MCPsupportbot
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.